AI chip leader Enflame Technology (688801.SH) announced on the evening of September 9 that it will debut on the STAR Market on September 11. Wealth management firms that successfully secured allocations of its new shares are once again in the spotlight.

According to the issuance results, 52 products from four institutions, namely Everbright Wealth Management, Ningbo Bank Wealth Management, China Post Wealth Management, and Industrial Bank Wealth Management, secured allocations totaling nearly 24.47 million yuan. Among them, Everbright Wealth Management recorded the highest number of allocations and the largest total value. Since regulators included wealth management products in the priority allotment category for IPOs in 2025, 13 bank wealth management firms have registered as offline investors. This year, wealth management firms have frequently appeared on the allotment lists for star tech stocks such as CXMT and Unitree Robotics.

In recent years, returns from IPO subscriptions on certain A-share new listings have remained substantial, making "new share subscription" a key avenue for wealth management firms to expand their equity product offerings. Analysts point out that with fixed-income asset yields continuing to decline and payout rates on bond-type products under pressure, the equity market's cost-performance advantage over the bond market remains pronounced. Increasing equity allocations is expected to enhance long-term returns for clients.

Four Firms Secure 52 Products in Enflame Technology

The issue price for this offering is 142.18 yuan per share, with a total of 43.0352 million shares being issued. As the third-highest-priced stock on the STAR Market this year, trailing only Fengzhun Laser and Unitree Robotics, Enflame Technology is widely regarded as a highly lucrative opportunity. Prior to its listing, Moore Threads, MetaX, and Biren Technology—together dubbed the "Four Little Dragons of Domestic GPU/AI Chips"—have already gone public.

The preliminary offline allotment results disclosed by Enflame Technology show that four wealth management firms made the cut, with 52 wealth management products collectively allocated 172,100 shares worth 24.4663 million yuan. Everbright Wealth Management and Ningbo Bank Wealth Management together captured over 90% of the total allotment share.

Breaking it down, Everbright Wealth Management led in both allotment volume and value, with 23 products allocated approximately 116,400 shares, corresponding to 16.5441 million yuan, accounting for 67.62% of the total allocated to wealth management firms. Ningbo Bank Wealth Management had the most products allotted, with 25 products securing 40,300 shares valued at about 5.727 million yuan. China Post Wealth Management had 3 products allotted, receiving 13,900 shares worth 1.9735 million yuan. Industrial Bank Wealth Management had 1 product allotted, with 1,560 shares valued at 221,800 yuan.

Looking at the types of wealth management products that received allocations, hybrid products dominated, with medium-to-long-term durations being the norm. Among Everbright Wealth Management's 23 products, 21 belong to the Sunny Orange Anying Enhanced series (hybrid), mostly structured as 15-month open-end or quarterly open-end products. Four daily-open products also carry minimum holding periods of at least 90 days. All 25 of Ningbo Bank Wealth Management's products are hybrid "Ningying" series, with the vast majority requiring minimum holding periods exceeding 6 months—seven products have a 300-day minimum, three require 1 year, and one requires 2 years. The products from Industrial Bank Wealth Management and China Post Wealth Management are also all hybrid.

Compared with the allotment results for CXMT and Unitree Robotics, fewer wealth management firms participated in this allocation for Enflame Technology. While the total number of allotted products (52) fell short of the 53 for Unitree Robotics, it exceeded the 29 for CXMT. In terms of total allotment value, the five wealth management firms that secured CXMT shares received over 39.35 million yuan, making that single project the largest wealth management IPO subscription this year.

Notably, Enflame Technology's online IPO saw over 7 million valid subscription accounts, yet the online lottery rate was just 0.0246%, making it extremely difficult for retail investors to secure shares. The fact that four wealth management firms entered the offline allotment process is tied to the commonly used "bid high, secure allocation" strategy in IPO subscriptions. Exchange data on investor bidding for offline issuances shows that, as of September 10, Everbright Wealth Management had submitted 50 bids, with 49 (98%) above the issue price. Ningbo Bank Wealth Management had submitted 339 bids, with 337 (99.41%) above the issue price. Industrial Bank Wealth Management had submitted 86 bids, with all 86 (100%) above the issue price.

Pursuing Excess Returns Through New Share Subscriptions

In March 2025, regulators formally included bank wealth management products in the Class A priority allotment category for IPO offline placements, granting them allocation rights equal to those of public funds and breaking down long-standing institutional barriers. Data from the Securities Association of China shows that 13 wealth management firms have now registered as offline investors, including those under 4 state-owned banks, 6 joint-stock banks, and 3 city commercial banks, representing roughly 40% of the 32 licensed wealth management firms nationwide.

This year, wealth management firms have dramatically increased their bidding volume for IPO subscriptions on the stock exchange. As of September 10, the combined bid count from Everbright Wealth Management, Ningbo Bank Wealth Management, and Industrial Bank Wealth Management had reached 475, compared with just 100 bids on March 6 of this year—a 375% surge in just six months.

Behind this surging enthusiasm lies the demonstration effect of returns generated from IPO subscriptions. Institutional statistics show that in the first half of 2026, A-shares welcomed 70 new listings, with an average first-day gain of 280.17%. Data from United Credit Rating indicates that one week after CXMT's listing, the 29 wealth management products that secured allocations delivered impressive returns. One product from Industrial Bank Wealth Management achieved a recent 7-day annualized return of 263.28%, while a product from Ningbo Bank Wealth Management hit 220.47%, and seven other products exceeded 100%.

Zeng Gang, director of the Shanghai Finance and Development Laboratory, noted that disclosed information shows some wealth management firms' allotted new shares posted average first-day gains far exceeding market benchmarks, with individual cases multiplying severalfold in extreme scenarios. Against a backdrop of declining fixed-income asset yields—where average payout rates on bond-type products have fallen below 2.3%—IPO subscription has become nearly one of the optimal options for wealth management firms to boost returns while controlling volatility and drawdowns.

Meanwhile, with the hard-tech track heating up in the capital markets this year, the targets of bank wealth management subsidiaries' offline IPO subscriptions have increasingly concentrated in hot sectors such as AI, robotics, and semiconductors. Ningbo Bank Wealth Management also stated that its current subscription targets are mainly concentrated in information technology, innovative drugs, and high-end manufacturing—fields with new quality productive forces. Companies like Unitree Robotics, CXMT, Moore Threads, and MetaX are characterized by high technical barriers and strong growth potential. Many have posted significant first-day gains, which not only enhance product returns but also allow investors to share in corporate growth, fostering a positive interaction between finance and the real economy.